Tips for Successful Estate Planning

by Dr Edgar Paltzer

ESTATE

PLANNING:

TIPS FOR SUCCESSFUL ESTATE PLANNING

There is much more to effective estate planning than simply drafting a will, with several other steps required to ensure assets are transferred to the desired beneficiaries smoothly.

Many accounts – including bank savings, individual brokerage accounts and CD accounts –offer the option for the account holder to set up a transfer on death designation, which allows beneficiaries to receive assets without the necessity of going through the probate process.

Transfer on Death Designations

Many accounts – including bank savings, individual brokerage accounts and CD accounts – offer the option for the account holder to set up a transfer on death designation, which allows beneficiaries to receive assets without the necessity of going through the probate process. As part of estate planning, the individual’s bank or custodian should be contacted to facilitate this if required.

Copy in the Administrator

It is important to ensure that the estate administrator is given a copy of the will once it’s finalized, signed, witnessed and notarized. Where copies are made of a will, it’s crucial to bear in mind that only the original will can be filed for probate.

Letters of Instruction

A letter of instruction can be written to accompany a will. This allows an individual to leave detailed instructions and describe their personal wishes regarding, for example, the funeral, and the steps to be taken regarding the individual’s digital assets, such as their social media accounts.